Magna Advances After Earnings Top Estimates: Toronto Mover
February 26, 2012, 12:10 PM ESTBy James Langford
Feb. 24 (Bloomberg) -- Magna International Inc., North America’s largest auto-parts supplier, climbed to the highest price in about seven months in Toronto trading after fourth- quarter profit topped analysts’ estimates.
The shares gained 5.4 percent to C$47.36, the highest price since July 26, at 4 p.m. The gain was the biggest since Jan. 6.
Magna’s net income for the quarter grew 42 percent to $312 million, or $1.32 a share, as car and light-truck production increased, the Aurora, Ontario-based company said yesterday. Adjusted profit of $1.46 a share surpassed the $1.02 average of 17 analysts’ estimates in a Bloomberg survey.
North American vehicle production increased 10 percent to 13.1 million vehicles in 2011, including a fourth-quarter rise of 15 percent to 3.44 million, Magna said. U.S. sales of cars and light trucks gained 10 percent last year to 12.8 million, according to Woodcliff Lake, New Jersey-based Autodata Corp.
--Editors: Jeffrey Tannenbaum, John Lear
To contact the reporter on this story: James Langford in New York at jlangford2@bloomberg.net
To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net
